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Experience Management
Experience management is an effort by organizations to measure and improve the experiences they provide to customers as well as stakeholders like vendors, suppliers, employees, and shareholders. The concept posits the notion that experiences comprise distinct economic offerings that create economic value and competitive advantage. Organizations have begun to collect experience data in addition to operational data, since experiences are seen as a competitive advantage. Experience management platforms provide various services to automate the process of identifying and improving experiences across an organization. Broader than customer experience, experience management now encompasses customer experience along with other areas, such as brand experience, employee experience and product experience, which are all seen as interrelated. History In 1994 Steve Haeckel and Lou Carbone collaborated on a seminal early article on experience management, titled "Engineering Customer Experienc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stakeholder (corporate)
In a corporation, a stakeholder is a member of "groups without whose support the organization would cease to exist", as defined in the first usage of the word in a 1963 internal memorandum at the Stanford Research Institute. The theory was later developed and championed by R. Edward Freeman in the 1980s. Since then it has gained wide acceptance in business practice and in theorizing relating to strategic management, corporate governance, business purpose and corporate social responsibility (CSR). The definition of corporate responsibilities through a classification of stakeholders to consider has been criticized as creating a false dichotomy between the "shareholder model" and the "stakeholders model" or a false analogy of the obligations towards shareholders and other interested parties. Types Any action taken by any organization or any group might affect those people who are linked with them in the private sector. For examples these are parents, children, customers, owners, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Experience Economy
The Experience Economy is the sale of memorable experiences to customers. The term was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the next economy following the agrarian economy, the industrial economy, and the most recent service economy. The concept had been previously researched by many authors. Pine and Gilmore argue that businesses must orchestrate memorable events for their customers, and that memory itself becomes the product: the "experience". More advanced experience businesses can begin charging for the value of the "transformation" that an experience offers, e.g., as education offerings might do if they were able to participate in the value that is created by the educated individual. This, they argue, is a natural progression in the value added by the business over and above its inputs. Although the concept of the experience economy was initially focused in business, it has crossed into tourism, architecture, nursing, urban pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knowledge Management
Knowledge management (KM) is the collection of methods relating to creating, sharing, using and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieve organisational objectives by making the best use of knowledge. An established List of academic disciplines, discipline since 1991, KM includes courses taught in the fields of business administration, information systems, management, Library science, library, and information science. Other fields may contribute to KM research, including information and media, computer science, public health and policy, public policy. Several universities offer dedicated master's degrees in knowledge management. Many large companies, public institutions, and non-profit organisations have resources dedicated to internal KM efforts, often as a part of their strategic management, business strategy, information technology, IT, or human resource management departments. Several consulting companies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistical Models
A statistical model is a mathematical model that embodies a set of statistical assumptions concerning the generation of sample data (and similar data from a larger population). A statistical model represents, often in considerably idealized form, the data-generating process. A statistical model is usually specified as a mathematical relationship between one or more random variables and other non-random variables. As such, a statistical model is "a formal representation of a theory" ( Herman Adèr quoting Kenneth Bollen). All statistical hypothesis tests and all statistical estimators are derived via statistical models. More generally, statistical models are part of the foundation of statistical inference. Introduction Informally, a statistical model can be thought of as a statistical assumption (or set of statistical assumptions) with a certain property: that the assumption allows us to calculate the probability of any event. As an example, consider a pair of ordinary six- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Predictive Analytics
Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modeling, and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events. In business, predictive models exploit patterns found in historical and transactional data to identify risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision-making for candidate transactions. The defining functional effect of these technical approaches is that predictive analytics provides a predictive score (probability) for each individual (customer, employee, healthcare patient, product SKU, vehicle, component, machine, or other organizational unit) in order to determine, inform, or influence organizational processes that pertain across large numbers of individuals, such as in marketing, credit risk assessment, fraud detecti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Artificial Intelligence
Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech recognition, computer vision, translation between (natural) languages, as well as other mappings of inputs. The ''Oxford English Dictionary'' of Oxford University Press defines artificial intelligence as: the theory and development of computer systems able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. AI applications include advanced web search engines (e.g., Google), recommendation systems (used by YouTube, Amazon and Netflix), understanding human speech (such as Siri and Alexa), self-driving cars (e.g., Tesla), automated decision-making and competing at the highest level in strategic game systems (such as chess and Go). ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operational Database
Operational database management systems (also referred to as OLTP On Line Transaction Processing databases), are used to update data in real-time. These types of databases allow users to do more than simply view archived data. Operational databases allow you to modify that data (add, change or delete data), doing it in Real-time computing, real-time. OLTP databases provide Database transaction, transactions as main abstraction to guarantee data consistency that guarantee the so-called ACID properties. Basically, the consistency of the data is guaranteed in the case of failures and/or concurrent access to the data. Since the early 90s, the operational database software market has been largely taken over by SQL engines. Today, the operational DBMS market (formerly OLTP) is evolving dramatically, with new, innovative entrants and incumbents supporting the growing use of unstructured data and NoSQL DBMS engines, as well as XML databases and NewSQL, NewSQL databases. NoSQL databases ty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bernd Schmitt
Bernd Herbert Schmitt is a professor of international business in the marketing department at Columbia Business School, Columbia University in New York. He is known for his research, books, speaking and consulting on customer experience, customer happiness, branding and innovation and for his work in Asia on Asian markets and consumers. He wrote several influential books in these areas like ''Experiential Marketing'', ''Customer Experience Management'', ''Big Think Strategy'' and ''Happy Customers Everywhere''. He holds a PhD in Psychology from Cornell University and joined Columbia in 1988. In 2011, he also became the Executive Director of thInstitute on Asian Consumer Insight (ACI)in Singapore, funded by the Singapore Economic Development Board (EDB) and Nanyang Technological University (NTU). Schmitt has done research, teaching and consulting in many parts of the world, especially in Asia. From 1996–2000, he was the head of marketing at The China Europe International Business ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Proposition
In marketing, a company’s value proposition is the full mix of benefits or economic value which it promises to deliver to the current and future customers (i.e., a market segment) who will buy their products and/or services. It is part of a company's overall marketing strategy which differentiates its brand and fully positions it in the market. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services. A value proposition can be written as a business or marketing statement (called a "positioning statement") which summarizes why a consumer should buy a product or use a service. A compellingly worded positioning statement has the potential to convince a prospective consumer that a particular product or service the company offers will add more value or better solve a problem (i.e. the "pain-point") for them than other similar offerings will, thus turning them into a paying client. The positioning statement usually co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value (economics)
In economics, economic value is a measure of the benefit provided by a goods, good or service (economics), service to an Agent (economics), economic agent. It is generally measured through units of currency, and the interpretation is therefore "what is the maximum amount of money a specific actor is Willingness to pay, willing and able to pay for the good or service"? Among the competing schools of economic theory there are differing Theory of value (economics), theories of value. Economic value is ''not'' the same as Price, market price, nor is economic value the same thing as market value. If a consumer is willing to buy a good, it implies that the customer places a higher value on the good than the market price. The difference between the value to the consumer and the market price is called "Economic surplus, consumer surplus". It is easy to see situations where the actual value is considerably larger than the market price: purchase of drinking water is one example. Overvi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sense
A sense is a biological system used by an organism for sensation, the process of gathering information about the world through the detection of Stimulus (physiology), stimuli. (For example, in the human body, the brain which is part of the central nervous system receives signals from the senses which continuously receive information from the environment, interprets these signals, and causes the body to respond, either chemically or physically.) Although traditionally five human senses were identified as such (namely Visual perception, sight, Olfaction, smell, Somatosensory system, touch, taste, and hearing), it is now recognized that there are many more. Senses used by non-human organisms are even greater in variety and number. During sensation, sense organs collect various stimuli (such as a sound or smell) for Transduction (physiology), transduction, meaning transformation into a form that can be understood by the brain. Sensation and perception are fundamental to nearly every ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Experience Design
Employee experience design (EED or EXD) is the application of experience design in order to intentionally design HR products, services, events, and organizational environments with a focus on the quality of the employee experience whilst providing relevant solutions for an organization. Overview EED can be described as the "intentional design of the active or passive use of HR products or services", and employee experiences in general, that affect employees' emotional reaction and therefore their particular behaviors and loyalty. The underlying assumption is that best (customer/employee) relationships are emotional in nature and achieved when companies succeed in not only satisfying certain needs (e.g. compensation), but also making interactions pleasurable. The goal is to yield better customer experience through increased employee engagement and employee empowerment. Following Krippendorf, EED focuses on creating meaningful and sense-making opportunities for engagement, and addre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
